Bharti Airtel Launches Fixed Deposits Marketplace via Airtel Finance

Bharti Airtel has announced the launch of a Fixed Deposits (FD) marketplace through its digital arm, Airtel Finance. This new platform offers customers the opportunity to invest in fixed deposits with attractive interest rates of up to 9.1% per annum. 

By integrating this offering into the Airtel Thanks App, Airtel Finance continues to expand its portfolio of digital financial products, which already includes personal loans, co-branded credit cards with Axis Bank, Bajaj Finserv Insta EMI cards, and a credit card and gold loan marketplace.

Commenting on this new addition, the Chief Business Officer of Airtel Finance, Anshul Kheterpal, said, “We are consistently innovating to offer products that are customer-centric and, in this endeavour, today, we are excited to announce the launch of our Fixed Deposits proposition. The FD comes at an attractive interest rate that will help our customers manage their funds better and meet their financial goals. We have partnered with the best banks in this venture and promise to offer customers a completely transparent, seamless and digital journey.”

One of the key features of Airtel Finance’s FD marketplace is its ease of use. Customers can invest in FDs directly through the Airtel Thanks App without the need to open a new bank account. The process is entirely digital, involving 3 simple steps:

1. Compare and select the FD.
2. Enter personal details and complete the KYC process.
3. Make the payment using an existing bank account.

Airtel Finance has partnered with multiple Small Finance Banks (SFBs) and Non-Banking Financial Companies (NBFCs) to offer these fixed deposit services. Some of the partners include Utkarsh Small Finance Bank, Shivalik Bank, Suryoday Small Finance Bank, and Shriram Finance. These partnerships allow customers to lock in high rates of return with the added security of DICGC insurance coverage of up to ₹5 lakh per PAN, per bank, ensuring protection for their investments.

Additionally, Airtel Finance offers flexibility, allowing customers to withdraw their deposits any time after seven days, addressing concerns related to liquidity and lock-in periods. Currently, this service is available on Android devices, with plans to extend it to iOS platforms soon. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.